Salary needed to buy a house in major US cities

In Columbus, Ohio, you can afford to buy a house with a salary of less than $ 30,000. But in New York, you will have to make more than six digits.

This is what emerges from the new data provided by the co-investment company in Unison Housing, which has calculated the income necessary to become a homeowner in various parts of the country as part of its 2019 report on the property. affordability of housing.

To determine the required salary, Unison examined the median property values ​​in each area and then calculated the approximate monthly costs for a 20% down payment. For the purpose of the study, Unison badumed a 4.54% interest rate on a 30-year fixed rate mortgage, property taxes of 1.25% per annum and a cost of 39, home insurance of 0.4% per annum on the value of the house.

The resulting wages badume that homeowners do not spend more than the recommended 30% of their income on housing.

In expensive cities such as San Francisco and Los Angeles, it can take 40 years or more to save a 20% down payment if you save 5% of your gross income each year. This is due in part to the fact that houses are getting more and more expensive: "The median value of homes has increased by 6% across the country between 2017 and 2018," says Unison.

In addition, "monthly payments have increased twice as much as income," the report says.

Below, take a closer look at what you would need to earn every year to buy a home in 15 major cities in the United States, from the lowest to the highest salary required.

Salary required with a down payment of 20%: $ 29,618
Median value of the house: $ 151,208
Estimated number of years needed to save for a down payment: 12

Salary Required with a 20% Down Payment: $ 31,108
Median value of the house: $ 158,811
Estimated number of years needed to save for a down payment: 14

Salary required with a deposit of 20%: $ 32,510
Median value of the house: $ 165,972
Estimated number of years needed to save for a down payment: 13

Salary required with a down payment of 20%: $ 40,210
Median value of the house: $ 205,281
Estimated number of years needed to save for a down payment: 14

Salary required with a deposit of 20%: $ 40,710
Median value of the house: $ 207,832
Estimated number of years needed to save for a down payment: 14

Salary required with a deposit of 20%: $ 42,937
Median value of the house: $ 219,201
Estimated number of years needed to save for a down payment: 17

Salary required with a deposit of 20%: $ 51,031
Median value of the house: $ 260,526
Estimated number of years needed to save for a down payment: 19

Salary required with a deposit of 20%: $ 54,266
Median value of the house: $ 277,041
Estimated number of years needed to save for a down payment: 20

Salary required with a deposit of 20%: $ 61,634
Median value of the house: $ 314,657
Estimated number of years needed to save for a down payment: 36

Salary required with a deposit of 20%: $ 95,344
Median value of the house: $ 486,752
Estimated number of years needed to save for a down payment: 30

Salary required with a deposit of 20%: $ 109,313
Median value of the house: $ 558,065
Estimated number of years needed to save for a down payment: 36

Salary required with a deposit of 20%: $ 114,217
Median value of the house: $ 583,100
Estimated number of years needed to save for a down payment: 27

Salary required with a deposit of 20%: $ 116,652
Median value of the house: $ 595,533
Estimated number of years needed to save for a down payment: 31

Salary required with a deposit of 20%: $ 121,939
Median value of the house: $ 622,523
Estimated number of years needed to save for a down payment: 43

Young women pose in front of the rooftops of New York City in Brooklyn, New York.

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